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cashing out options

Discussion in 'Real Estate & Other Investments' started by 97guns, Apr 7, 2017.



  1. 97guns

    97guns Gold Member Gold Chaser

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    I'm only fantasizing -

    option 1 is to sell the home, using my situation and one of my properties as example, sell for $260k and net approximately $185k after commission, closing and capital gains.

    Option 2 is to take a loan for the max 75-80% LTV which would net me $200k and default on the property essentially selling it to the bank for $200k
     
  2. latemetal

    latemetal Platinum Bling Platinum Bling

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    Depends on state laws, option 1 is would be my choice.
     
  3. southfork

    southfork Mother Lode Found Mother Lode

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    Read your mortgage carefully and know your state laws, some clauses in your contract and some states allow for the mortgage company to take you to court and lien your assets forever.
     
  4. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    the real question you are asking is should you commit fraud or not?

    sugar coat it however you want, but this IS what you are asking
     
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  5. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Option 2 is dumb, not to mention dishonest. Unless I'm missing something, the cost is more to you than $15K difference is worth.
     
  6. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Pretty much what I was thinking!
     
  7. southfork

    southfork Mother Lode Found Mother Lode

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    Millions did it already , I supsect after that happened they will come after anyone trying it and that the laws were changed.
     
  8. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    yep, how much is your honor worth being as how it is for sale...........
     
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  9. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    A man walks up to a woman at a bar and asks "Would you have sex with me for a million dollars?" She replies "Well, that is a lot of money, ok." He then asks "Well then, will you do it for 10 dollars?" She replies " Of course not, what do you think I am a whore?" He says "I've already established that, at this point we're simply negotiating."
     
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